Market Overview

Mid-Morning Market Update: Markets Mostly Flat; Deere Beats Q4 Estimates

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Following the market opening Wednesday, the Dow traded down 0.05 percent to 23,578.58 while the NASDAQ climbed 0.03 percent to 6,864.52. The S&P also rose, gaining 0.02 percent to 2,599.44.

Leading and Lagging Sectors

Wednesday morning, the energy sector proved to be a source of strength for the market. Leading the sector was strength from SM Energy Co (NYSE: SM) and Abraxas Petroleum Corp. (NASDAQ: AXAS).

In trading on Wednesday, technology shares fell 0.12 percent. Meanwhile, top losers in the sector included HP Inc (NYSE: HPQ), down 6 percent, and Overstock.com Inc (NASDAQ: OSTK) down 4 percent.

Top Headline

Deere & Company (NYSE: DE) reported better-than-expected results for its fourth quarter on Wednesday.

Deere reported Q4 earnings of $1.57 per share on revenue of $8.018 billion. However, analysts were expecting a profit of $1.47 per share on sales of $7.05 billion.

Deere expects FY18 net income of $2.6 billion and equipment sales to rise 22 percent.

Equities Trading UP

Cleantech Solutions International Inc (NASDAQ: CLNT) shares shot up 105 percent to $9.10 after the company disclosed that its subsidiary Vantage Ultimate Limited, entered into a conditional share swap deal to buy 51 percent interest in Marvel's issued share capital of Integrated Media Technology.

Shares of Eltek Ltd. (NASDAQ: ELTK) got a boost, shooting up 93 percent to $6.94. Eltek’s 1-for-5 reverse stock split took place today.

PDF Solutions, Inc. (NASDAQ: PDFS) shares were also up, gaining 9 percent to $17.25. PDF Solutions will replace Black Box Corporation (NASDAQ: BBOX) in the S&P SmallCap 600 on Thursday, November 30.

Equities Trading DOWN

Sunshine Heart Inc (NASDAQ: CHFS) shares dropped 44 percent to $4.42. CHF Solutions priced public offering of convertible preferred stock and warrants for gross proceeds of $18 million.

Shares of Reed's, Inc. (NYSE: REED) were down 7 percent to $1.90. Reed’s appointed Maxim Group LLC to lead its planned rights offering.

Guess?, Inc. (NYSE: GES) was down, falling around 14 percent to $15.46. Guess? reported in-line earnings for its third quarter, while sales missed estimates. U.S. comps were down 10 percent.

Commodities

In commodity news, oil traded up 1.79 percent to $57.85 while gold traded up 0.21 percent to $1,288.90.

Silver traded up 0.05 percent Wednesday to $17.07, while copper fell 0.13 percent to $3.1465.

Eurozone

European shares were mostly higher today. The eurozone’s STOXX 600 surged 0.34 percent, the Spanish Ibex Index rose 0.87 percent, while Italy’s FTSE MIB Index gained 0.69 percent. Meanwhile the German DAX slipped 0.03 percent, and the French CAC 40 climbed 0.32 percent while U.K. shares rose 0.62 percent.

Economics

U.S. durable goods orders declined 1.7 percent for October, versus economists’ expectations for a 0.3 percent growth

U.S. initial weekly jobless claims dropped 13,000 to 239,000 in the latest week. However, economists were projecting claims to reach 240,000 last week.

The University of Michigan's consumer sentiment index rose to 98.50 in November, versus prior reading of 97.80. Economists projected a reading of 98.00.

The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

The EIA’s weekly report on natural gas stocks in underground storage is schedule for release at 12:00 p.m. ET.

The Federal Open Market Committee will issue minutes of its latest meeting at 2:00 p.m. ET.

Posted-In: Mid-Morning Market UpdateNews Eurozone Commodities Global Intraday Update Markets

 

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